HomeMy WebLinkAboutCRA-R-21-0045 Master Report10 OMNI
7104 Community Redevelopment Agency
Omni Master Report
CRA
Enactment Number: CRA-R-21-0045
File Number: 10633
Revision: A
File Type: OMNI CRA
Resolution
File Name: NR Investment 14th Street Project TIF
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
htto://miamicra.com
Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: OMNI Community
Redevelopment Agency
Introduced: 9/1 /2021
Requesting Dept: OMNI Community Redevelopment Agency Final Action Date: 10/28/2021
Title: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA")
AUTHORIZING THE CRA TO REBATE TO 14TH STREET DEVELOPMENT LLC
("GRANTEE") THE TAX INCREMENT FINANCE ("TIF") REVENUES GENERATED
ONLY FROM THE DEVELOPMENT BY THE GRANTEE OF THE 14TH STREET
APARTMENT PROJECT ("PROJECT") IN AN AMOUNT NOT TO EXCEED 95% OF
THE AVAILABLE DEVELOPMENT TIF COLLECTED FROM THE PROJECT ANNUALLY
OR $816,731.00 ANNUALLY, WHICHEVER IS LESS, PER YEAR UNTIL 2047 IF THE
LIFE OF THE CRA IS EXTENDED TO 2047, FOR A TOTAL AMOUNT NOT TO
EXCEED $13,600,000.00, WITH PAYMENTS TO BEGIN UPON SUBSTANTIAL
COMPLETION AND THE PROJECT RECEIVING A CERTIFICATE OF OCCUPANCY,
SUBJECT TO THE RENTS BEING RESTRICTED UNTIL 2047 IF THE LIFE OF THE
CRA IS EXTENDED TO 2047; FURTHER AUTHORIZING THE EXECUTIVE
DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS
NECESSARY FOR SAID PURPOSE, ALL IN FORMS ACCEPTABLE TO GENERAL
COUNSEL.
Notes:
Links:
Attachments: 10633 NR 14th Street Proposal (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Barnaby L. Min
9/2/2021
Approved Form and
Completed
Correctness
OMNI Community
9/13/2021
Meeting
Completed
Redevelopment Agency
OMNI Community
9/13/2021
CONTINUED
Passed
Redevelopment Agency
Barnaby L. Min
10/19/2021
Approved Form and
Completed
Correctness
OMNI Community
10/22/2021
Meeting
Completed
Redevelopment Agency
OMNI Community
10/22/2021
DEFERRED
Passed
Redevelopment Agency
OMNI Community
10/28/2021
Completed
Redevelopment Agency
City of Miami Page 1 of 2 Printed on: 112012022
OMNI
t OMNI CRA
.,. Community Redevelopment Agency 1401 N. Miami Avenue
Omni Miami, FL 33136
Master Report http://miamicra.com
C R A
Enactment Number: CRA-R-21-0045
OMNI Community 10/28/2021 ADOPTED WITH Passed
Redevelopment Agency MODIFICATION(S)
A Barnaby L. Min 1/20/2022 Approved Form and Completed
Correctness with Modification(s)
A City Clerk's Office 1/20/2022 Rendered Completed
City of Miami Page 2 of 2 Printed on: 112012022